{"id":196396,"date":"2022-02-11T11:26:43","date_gmt":"2022-02-11T11:26:43","guid":{"rendered":"https:\/\/www.theindustry.fashion\/?p=196396"},"modified":"2022-02-11T16:55:01","modified_gmt":"2022-02-11T16:55:01","slug":"retail-resilience-in-mayfair-and-belgravia-helped-by-waving-rent-in-lockdowns","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/retail-resilience-in-mayfair-and-belgravia-helped-by-waving-rent-in-lockdowns\/","title":{"rendered":"Retail resilience in Mayfair and Belgravia helped by \u201cwaving rent in lockdowns\u201d"},"content":{"rendered":"<p><strong>London landlord Grosvenor\u2019s end of year figures show a vacancy rate of just 3% across its Mayfair and Belgravia portfolio, versus the UK average \u2013 according to the British Retail Consortium - of 14%, having implemented initiatives such as rent waving during the lockdowns.<\/strong><!--more--><\/p>\n<p>Grosvenor\u2019s Tenant Investment Fund also saw 33 new businesses open their doors last year, which in Mayfair included the new Browns store at 39 Brook Street in spring 2021, as well as Les 100 Ciels Man luxury cashmere, Dr. Barbara Sturm skincare and haircare and Hannah London beauty treatments.<\/p>\n<p>Belgravia welcomed spectacle maker Cubitts at 43 Elizabeth Street in December 2021, and also saw the likes of womenswear stores Beulah and Anna Mason open new businesses in the last year, as well as Papouelli children\u2019s footwear, skincare expert Teresa Tarmey, and hair, beauty and wellness brand Hershesons.<\/p>\n<p>Grosvenor\u2019s growing partnerships with occupiers and delivery of innovative services that support their operations drove its leasing success in 2021, at a time where a quarter of the year was spent in lockdown and Omicron\u2019s rise again shook business confidence in central London.<\/p>\n<p>Amelia Bright, Executive Director at Grosvenor, commented: \u2018In the past two years, we\u2019ve worked hard to turn the concept of a landlord on its head and to make the choice of who occupiers contract with as important to them as the choice of street, connectivity and rent.<\/p>\n<p>\u201cWhen lockdowns hit our goal was that Mayfair and Belgravia would come out the other side as strong as when we went in, with shops and restaurants open and ready to welcome everyone back.<\/p>\n<p>\u201cWaving rent in lockdowns was a highly effective early intervention. But it\u2019s really been our actions since then, like the Tenant Investment Fund, which have fundamentally changed the nature and number of the conversations we\u2019re having.\u201d<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-196398 size-full\" src=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2022\/02\/belg2.jpg\" alt=\"London\" width=\"1920\" height=\"1080\" srcset=\"https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2022\/02\/belg2.jpg 1920w, https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2022\/02\/belg2-300x169.jpg 300w, https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2022\/02\/belg2-1024x576.jpg 1024w, https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2022\/02\/belg2-768x432.jpg 768w, https:\/\/www.theindustry.fashion\/wp-content\/uploads\/2022\/02\/belg2-1536x864.jpg 1536w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/><\/p>\n<p>In 2020, Grosvenor confirmed it would selectively invest in tenants with new business ideas, and diversification strategies. Grosvenor approaches each investment opportunity on a case-by-case basis but has the ability to offer a range of partnerships from debt to equity. The flexible and innovative financing model enables businesses to expand and create new jobs. Also, its Tenant Investment Fund supports business expansion plans at a time when bank funding is constrained.<\/p>\n<p>Grosvenor\u2019s suite of services for occupiers is particularly directed at independent businesses which form around two-thirds of its retail and hospitality occupier base.<\/p>\n<p>More widely, Grosvenor\u2019s \u00a31 billion development pipeline, much of which was progressed since the onset of COVID-19, aims to aid the evolution of Mayfair and Belgravia and the changing needs of residents, visitors and workers.<\/p>\n<p>Short-term experiences like \u2018Belgravia in Bloom\u2019, \u2018The Daily Dress Edit\u2019, \u2018The Ever After Garden\u2019 and enhanced outdoor dining also supported re-openings and resilient footfall figures.<\/p>\n<p>Bright added: \u201cIf we want to safeguard the long-term future of a place we need to nurture enterprise. And we know that that this formula works. Not only is vacancy at the levels you\u2019d expect in a buoyant market, but in October 2020, half term footfall exceeded 2019 levels and, pre-Omicron, footfall on key streets in early Christmas trading was very encouraging.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":196399,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10488,16042,6,20823,10494],"tags":[12929,10520,10519,5707,10781,17428,10160,11476],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Retail resilience in Mayfair and Belgravia helped by \u201cwaving rent in lockdowns\u201d - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"London landlord Grosvenor\u2019s end of year figures show a vacancy rate of just 3% across its Mayfair and Belgravia portfolio, versus the UK average \u2013\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theindustry.fashion\/retail-resilience-in-mayfair-and-belgravia-helped-by-waving-rent-in-lockdowns\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Retail resilience in Mayfair and Belgravia helped by \u201cwaving rent in lockdowns\u201d - 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